Tuesday, 8 June 2010

Lunatics take charge of the asylum

Unemployment in the United States rose dramatically during the global financial crisis and has only improved very marginally since the recession was officially declared at an end.
8-06-2010 percentjoblosses
That graph from the excellent Calculated Risk website is far from a picture of a recovery yet now we see that the Congress is cutting back on government spending out of fear that the dreaded markets will panic at the size of the government deficit even though there is no sign of that happening with interest rates still at record lows. Toss in the new austerity program announced overnight in Germany and the UK’s plans to slash spending and the unemployed everywhere in the developed world are surely looking at a troubled time ahead.

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